(Sharecast News) - Rockfire Resources is waiting for drilling results after discovering an important sulphide at its Plateau gold project in Queensland, Australia.
The gold and copper miner said it had almost completed a programme to drill six holes at the site to discover whether it has the same potential as its existing Mt Wright mine nearby. It has found various sulphides including pyrrhotite, which is present at Mt Wright.
The AIM-traded company said it was drilling to 500m depth at Plateau to find a higher-grade core in addition to the large, low-grade system discovered so far. Rockfire raised almost £1m in net funds in July to fund the drilling programme.
"Pyrrhotite is an important component of the high-grade core at Mt Wright and Rockfire is keenly awaiting further drill results, including core from this pyrrhotite zone," Rockfire said. "The company is encouraged by the observation of these sulphides, indicating multiple mineralising episodes which is often favourable for gold deposition and enrichment."
Rockfire published its update alongside interim results which showed is loss narrowing to £274,098 from £290,021 as costs fell to £275,202 from £290,022. The company had no income.
The company's shares fell 2.2% to 1.1p at 09:51 BST.
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